Releasing its results for the third quarter, the payments group has revealed an increase in market share, more active customers and an improvement in the way it connects with customers, just three months after splitting from eBay.
PayPal has reported a revenue increase of 19 per cent, equivalent to $2.3bn. In terms of processing payments, the company announced that total volume grew 27 percent to $69.7bn, with the processors gaining four million new accounts and processing 1.2 billion transactions. As it stands, PayPal has over 173 million active customers.
Working closely with customers is something that PayPal strives to do, particularly with small and medium sized businesses. Recently it was reported that the groups SME lending initiative has processed over $1bn in loans within its first two years, with its loan growth doubling in size.
‘‘PayPal is entirely focused on digital payments and transforming money for people around the world. This clear focus and our strong value proposition allowed us to deliver strong financial results in the third quarter,’’ said Dan Schulman, President and CEO of PayPal.
‘‘We are operating in a time when change is sweeping through the financial services industry driven by the rise of mobile technology and the acceleration of money becoming digital. These two massive trends play directly to our strengths and we are leveraging this transformation to extend and accelerate our lead.’’
‘‘These metrics demonstrate the trust that our customers place in PayPal, and they are increasingly finding more utility and value in their PayPal accounts,’’ added Schulman.
PayPal now expects net revenues to grow 15 to 18 per cent for 2015 as a whole, as it looks to push on with its success.
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